Ovintiv Inc. (OVV)

Price$65.12Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced because strong recent cash generation may not fully persist.

At the observed market price, Ovintiv’s equity is worth roughly $17.7 billion using 275.5 million shares reported in July. Over the last four quarters, operating cash flow less capital spending was about $2.27 billion, or a 12.8% cash yield; using the 2021-2025 average of about $1.60 billion lowers that to roughly 9%. Free cash flow means cash left after running and investing in the business. Because the stronger trailing result includes unusually strong second-quarter oil pricing, Fair-priced is more defensible than calling it clearly cheap.

Big pictureCash generation is durable, but profits still swing sharply with oil and gas prices.

Annual operating cash flow stayed between $3.1 billion and $4.2 billion from 2021-2025, while cash after capital spending ranged about $1.4 billion to $2.0 billion. The first half of 2026 produced $2.69 billion of operating cash despite a $174 million reported net loss, because earnings included $1.15 billion of after-tax non-cash ceiling-test impairments and a $337 million pre-tax divestiture loss in the second quarter. That gap shows why cash is the better durability test here. The bear case is simple: product sales are market-priced, so lower oil or gas prices directly compress revenue and cash generation.

Business strengthDebt is now manageable, while buybacks partly reverse the extra shares issued for NuVista.

Net debt fell from $6.37 billion in March 2026 to $3.00 billion by June after the Anadarko sale, and current assets roughly covered current liabilities. S&P later moved its credit outlook to positive, citing debt reduction and higher cash flow. Capital allocation is less clean: the NuVista deal helped lift shares outstanding from 253.3 million at year-end to 282.7 million in March; by June, buybacks had cut that to 276.6 million. The company repurchased 6.1 million shares for $345 million in the second quarter, so dilution is being repaired, but the acquisition still raised the share count materially.

What could change the storySustained production gains would make the shares cheap; weaker oil and gas prices would erase that cushion.

Management now expects 630,000 to 645,000 barrels of oil equivalent per day in 2026 with unchanged capital spending of $2.25 billion to $2.35 billion, and says oil production per share can grow 4%. If that efficiency persists while net debt stays near $3 billion, cash returns could remain high enough to make the current roughly eight-times trailing cash valuation attractive. The opposite threshold matters more: if annual cash after capital spending falls back toward the 2021-2025 average near $1.6 billion or below, the valuation rises above eleven times cash and the margin of safety becomes thin.

AI: News

Q2 guidance raisedOvintiv raised production guidance without raising capital spending and returned more cash through buybacks.

On July 23, Ovintiv reported $1.6 billion of operating cash flow, $682 million of company-defined free cash flow after $574 million of capital spending, and 615,000 barrels of oil equivalent per day. It raised production guidance to 630,000 to 645,000 barrels per day equivalent while leaving capital at $2.25 billion to $2.35 billion and increased expected shareholder returns above 60% of free cash flow. The shares rose about 2.8% the next session on heavy volume; the timing supports a positive read, but does not prove the report caused the move.

Credit outlook turns positiveS&P improved its outlook after rapid debt reduction, lowering concern about the company’s debt.

On August 19, S&P Global changed Ovintiv’s credit outlook from stable to positive while affirming its BBB- rating, an investment-grade level indicating relatively low default risk. It cited debt below the company’s $4 billion target and stronger expected cash flow; at June 30, no commercial paper was outstanding and revolving facilities were undrawn. The move does not create earnings, but it supports lower refinancing risk and more freedom to return cash to shareholders. The stock gained less than 1% that day, so any immediate price attribution is uncertain.

Loading local price history

Revenue

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$8.66B	$8.94B	$10.66B	$14.26B	$10.47B	$5.51B	$7.01B	$5.46B	$3.89B
Operating expenses	$7.78B	$7.57B	$8.02B	$8.61B	$7.14B	$11.48B	$6.13B	$4.25B	$3.38B
Operating income	$1.13B	$1.58B	$2.86B	$3.85B	$1.52B	−$5.40B	$598.0M	$1.69B	$1.07B
Operating margin	13.06%	17.66%	26.86%	27.01%	14.51%	−97.97%	8.53%	31.04%	27.44%
EBITDA	$3.31B	$3.87B	$4.69B	$4.97B	$2.71B	−$3.56B	$2.61B	$2.97B	$1.90B
EBITDA margin	38.21%	43.26%	43.98%	34.82%	25.88%	−64.68%	37.26%	54.35%	48.84%
Net income	$1.24B	$1.13B	$2.08B	$3.64B	$1.42B	−$6.10B	$234.0M	$1.07B	$827.0M
Net profit margin	14.34%	12.58%	19.56%	25.50%	13.53%	−110.67%	3.34%	19.59%	21.25%
Basic EPSper basic share	$4.83	$4.25	$8.02	$14.34	$5.44	-$23.47	$0.90	$5.57	$4.25
Diluted EPSper diluted share	$4.78	$4.21	$7.90	$14.08	$5.32	-$23.47	$0.90	$5.57	$4.25

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

9.77%of listed shares

BlackRock, Inc.27.03M shares · Jun 30, 2026

View holders

Top 20 reported holders of OVV
Holder	% owned
BlackRock, Inc.	9.77%27.03M shares
FMR LLC	9.31%25.75M shares
Capital Research Global Investors	7.03%19.45M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.23%14.46M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.57%12.63M shares
DIMENSIONAL FUND ADVISORS LP	3.76%10.41M shares
STATE STREET CORP	3.63%10.03M shares
PRICE T ROWE ASSOCIATES INC /MD/	3.29%9.1M shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	3.14%8.7M shares
Invesco Ltd.	2.52%6.96M shares
GEODE CAPITAL MANAGEMENT, LLC	1.96%5.42M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.83%5.07M shares
MILLENNIUM MANAGEMENT LLC	1.65%4.57M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	1.58%4.37M shares
Merewether Investment Management, LP	1.58%4.36M shares
MACKENZIE FINANCIAL CORP	1.15%3.18M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.05%2.9M shares
Pacer Advisors, Inc.	1.01%2.78M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.95%2.62M shares
NORTHERN TRUST CORP	0.91%2.53M shares

Percentages use 276.6M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$0.00 disclosed value

Sells (SEC code S)6$5.46M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 13, 2026Form 4	Eilers Meghan NicoleEVP, M&M & GC	SellCommon Stock	11.6K	$54.78	$634.5K	54.1K
Mar 3, 2026Form 4	Mayson Howard JohnDirector	SellCommon Stock	5.0K	$52.39	$261.9K	45.8K
Dec 12, 2025Form 4	Givens Gregory DeanEVP & COO	SellCommon Stock	50.0K	$40.33	$2.02M	105.9K
Dec 8, 2025Form 4	NANCE STEVEN WDirector	SellCommon Stock · indirect	5.0K	$41.99	$209.9K	3.9K
Dec 4, 2025Form 4	Givens Gregory DeanEVP & COO	SellCommon Stock	50.0K	$42.50	$2.13M	155.9K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about OVV yet. Start the conversation.

Write the first post

Ovintiv Inc. (OVV)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.